The costs of buying  -  Borrowing more

Required Reading


  


The costs of buying - Borrowing more


Once you have moved in, you must prepare yourself for an extra-large first payment to the building society. Different societies have different 'cut-off' dates for when the monthly payment first becomes due.

If you complete the purchase towards the end of a calendar month, you may have nothing to pay until the end of the following month but at that point you will be asked to make up the arrears and possibly to pay the property's insurance as well.

The lender will tell you what this first payment will be as soon as they have issued the cheque to your solicitor. Some will let you pay a bit in advance if this is going to help your budgeting.


Looking for a low deposit mortgages

The costs of buying - The costs of paying your mortgage


As a guide to how much you are likely to find yourself paying for your mortgage, Table 8 shows the cost of monthly payments for an 0.8 mortgage on three properties, again priced at £115,000, 125000 and £135,000, at various rates of interest. The figures assume that you are taking out a mortgage over 25 years, which is the usual period these days. If you decide for any reason to take out a shorter-term mortgage, it will be more expensive: figures for a 20-year mortgage, for example, are shown in Table 10 in Section 5.

When you are doing your budgeting, remember that, though the mortgage is likely to be the largest cost, it is not the only one you'll face. You will have rates, water rates and . . .... see: The costs of buying - The costs of paying your mortgage


Current Mortgage Offers

  • At Commercialise Yourself you can compare mortgages using our repayment calculator, look for special offers for first time buyers or for 95% loan to value mortgages and see the most popular choices, Nationwide, Accord etc, we now even have a buy to let section for the brave or heart or strong of pocket! You can send us an email if you want to know more about mortgages and what we do and we will get back to you as soon as we are able. offers@commercialise.org.uk

     

    Finding the right mortgage can be stressful, but we’re here to help you every step of the way.

    Even if you have no proof of income, poor credit rating or facing repossession of your home, we can normally say YES (even if the high street lenders have said NO)!

    Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. The overall cost for comparison is 7.9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but our average fee is 2.36% of the loan value. We are authorised and regulated by the Financial Services Authority for regulated mortgage and non-investment insurance contracts.